September 2007 was the month when property prices in Ireland reached their peak. From then on they started to slip. Contrary to popular belief, the crisis in September 2008 (12 months later) was not caused by a property crash as it hadn’t happened by then. It was caused by a crisis in the inter-bank lending system - one which exposed the business model of Irish banking for the fool’s gold it was. The property crash happened afterwards, and is still ongoing.
I was going through the Irish Times today, the issues from September 2007 that is, and was struck by this quote from Weather Eye that today has a poignancy outside of its description of the changing seasons.
“The slow sad decline into winter aches has begun.”